Last Updated: March 21, 2023, 11:47 IST
Important Financial Tasks to Complete Before April 1
The Income Tax Department has introduced March 31, 2023 because the final date to hyperlink your PAN card with Aadhaar
We are shut to the tip of FY23 and FY24 will start from April 1. Around this time, most of us are busy making new funding plans. March 2023 is important from a private finance standpoint as there are some vital duties to be accomplished within the month starting from PAN-Aadhaar linking to planning taxes. Missing these means you’d have to pay penalties or face different penalties.
Link your PAN with Your Aadhaar Card
The Income Tax Department has introduced March 31, 2023, because the final date to hyperlink your PAN card with Aadhaar. PAN and Aadhaar could be linked now together with a penalty of Rs 1000. If you don’t hyperlink each ID playing cards earlier than the ultimate deadline, your PAN will change into inoperative. The final date to hyperlink PAN and Aadhaar with out a penalty was June 30, 2022.
Updated ITR
The final date for submitting the up to date ITR for FY20 or evaluation yr 2020-21 (AY21) is March 31. The taxpayers should file the up to date ITR in the event that they omitted sure earnings particulars or made any error whereas submitting the ITR in FY20. It can be filed if the ITR was not filed in FY20 in any respect. However, these with zero or destructive returns can’t file the up to date ITR.
Form 12BB
The final date to file kind 12BB can be March 31. A salaried worker should submit this manner to the employer to declare tax advantages or rebates on their investments. This got here into impact on June 1, 2016. Some objects that have to be included within the kind are House Rent Allowance (HRA), Leave Travel Concessions (LTC) and curiosity on the house mortgage.
Tax Saving Investment
The investments executed earlier than March 31, 2023, will probably be obtainable to declare deduction below the outdated earnings tax regime whereas submitting the ITR for FY23. Under Section 80C of the Income Tax Act, taxpayers can declare deductions with a restrict of Rs 1.5 lakh within the outdated tax regime. Some funding avenues that may be checked out for this are Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) and National Pension Scheme (NPS).
Pay Advance Tax
Every taxpayer with a tax legal responsibility of over Rs 10,000 should pay advance tax. It is paid in 4 instalments. 15 per cent of the due tax is paid by June 15, the following 30 per cent by September 25, one other 30 per cent by December 15, and the remaining 25 per cent by March 15 of the continued monetary yr.
If the particular person has modified their job or has further earnings, they want to calculate and pay the extra tax upfront by March 31. If it’s delayed submit that, the taxpayer is charged 1 per cent per 30 days of curiosity on the due quantity.
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